U.S. Allows Iranian Oil Tankers To Transit Through Strait Of Hormuz To Maintain Global Supply

The United States is allowing Iranian oil tankers to pass through the Strait of Hormuz despite ongoing conflict, according to Treasury Secretary Scott Bessent.

The aim is to keep global oil supply stable as shipping in the region has dropped due to security risks.

This comes as tensions rise between Iran, the United States, and Israel, pushing oil prices higher and affecting supply chains.

Bessent said Iranian tankers were already moving and the US has allowed it to continue so the world does not face a shortage.

Iran is exporting about 1.5 million barrels of oil per day, even though overall shipping activity has reduced. He added that tanker traffic may increase before naval escorts begin.

Shipping through the strait has fallen after attacks on commercial vessels. Before the conflict, about 20% of the world’s oil, or 20 million barrels per day, passed through this route.

Some tankers are still moving, especially those supplying India and China. Several ships carrying crude oil, LNG and LPG are waiting for clearance. India is expecting more vessels, with around 22 ships still waiting for approval to pass.

Oil prices have risen about 40% since the conflict began. Brent crude is near $102 per barrel, while US crude is around $95.

The International Energy Agency says global supply could drop by 8 million barrels per day this month.

The Strait of Hormuz is the most important route for global oil trade. Even small disruptions here affect shipping, fuel prices, and global markets.

References: cnbc, AA

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